A Queensland-based financial services firm has entered into an enforceable undertaking with the corporate regulator for failing to monitor authorised reps.
An investigation into diversified financial services company firm LCL Capital has found authorised representative Timothy Bryce – a former employee of collapsed firm Sherwin Financial Planners – found a number of breaches of relevant laws and licensing obligations.
“ASIC’s concerns related to alleged failures to: ensure that financial services were provided efficiently, honestly and fairly; take reasonable steps to ensure that authorised representatives complied with financial services law; demonstrate adequate resources were available to provide financial services and carry out supervisory arrangements; and ensure that authorised representatives were adequately trained and competent to provide financial services,” according to a statement.
The licensee will now submit to a regime of supervision by an ASIC-approved “financial planning expert” for a minimum period of 15 months.
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